The buy now pay later sector is currently under an ASIC review. Find out more about this review.
Afterpay vs zipPay
Find out whether Afterpay or zipPay is the right interest-free platform for you.
Buying now and paying later has gotten a lot easier with the arrival of interest-free finance platforms such as Afterpay, zipMoney, zipPay and Openpay. However, because there are a few platforms available it may be difficult to decide which is right for you.
If you're looking to purchase something interest-free or are just trying to decide whether interest-free finance is for you, we've compared two prominent platforms – Afterpay and zipPay – to help you narrow down your choices. Remember to consider all costs, features and the flexibility of each platform before you make your decision.
|Interest-free period||8 weeks||Full repayment term|
|Repayment term||8 weeks (fortnightly instalments)|
|Upfront and ongoing fees||None||$6 monthly fee charged the first day of the following month from the date of your purchase|
No fees if your balance is at $0
|Late payment fees||Your account may go into arrears if you continue to miss payments (one late payment will not do this)|
|Signup||Can be done instantly online or in-store at participating merchants||Sign up online in seconds (subject to approval) using Facebook or PayPal or at a participating merchant|
|Find out more||Read the full review||Read the full review|
|Credit score||Afterpay reserves the right to report negative activity to credit providers but generally doesn't check credit to approve applications.||zipPay reserves the right to check your credit report and report any negative activity to a credit provider.|
|Availability||Full Afterpay store list||Full zipPay store list|
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